Corillian Corp. Raises $55 Million In IPO

April 14, 2000, 1:00 a.m. EDT 1 Min Read

- BEAVERTON, Ore. (04/14/00) -Corillian Corp., theInternet service provider for credit unions, said it raised a totalof $55 million this week in an initial public offering and privateplacement. The company said it raised $23 million in the privateplacement from Banc One Corp., Huntington Bancshares, LehmanBrothers Holdings and 724 Solutions Inc. Proceeds from theofferings will be used to finance research and development,marketing and sales and potential acquisitions. Corillian'sflagship product is its Voyager eFinance suite of Internet bankingservices. The company reported a loss of $9.9 million in fiscal1999 on $7.7 million in revenues and has accumulated a total of$13.2 million in losses since its 1997 inception.

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